Iraq Economic News and Points To Ponder Monday Afternoon 10-19-26
The Central Bank Told Nina: Removing Zeros Is Not Within Our Authority And Requires A Legal And Legislative Process
Baghdad/ NINA / The Central Bank of Iraq confirmed that the issue of removing zeros from the currency is not within its jurisdiction, but rather requires legislation. The bank's media director, Haider Ghazi, told the Iraqi National News Agency ( NINA "The issue of removing zeros is not within the bank's authority; it requires legislation, as it is linked to the settlement of debts, legal obligations, and punitive fines under current Iraqi laws.
All of these require legislation and codification before the bank can proceed with implementation."
Ghazi added: "If the removal of zeros is enacted, it will require clarification and public awareness campaigns to ensure a new valuation similar to that of the old currency."
Regarding the economic impact of removing zeros, he explained: "The process is simple and has no impact except in accounting; for example, instead of 'million,' it will be 'thousand,' and instead of 'trillion,' it will be 'billion,' and so on."
It should be noted that there is unofficial talk circulating among the public about a decision to remove zeros from the national currency. This has revived discussions about a project that has been proposed on several occasions in recent years, amidst questions about the details of the decision, the entity authorized to implement it, and its potential economic and financial consequences if it moves from the proposal stage to implementation. https://ninanews.com/website/News/Details?key=1320862
Mps Urge The Government And Central Bank To Take Urgent Measures To Reduce The Exchange Rate Gap
Baghdad - One News 10/19/2026 Members of Parliament called on the Iraqi government and the Central Bank to take practical and urgent measures to reduce the growing gap between the official and parallel exchange rates of the dollar, warning of the repercussions of the continued rise in exchange rates on the livelihood of citizens and economic activity in the country.
The MPs stressed that the dollar exchange rate in the parallel market reaching 170,000 dinars per 100 dollars is unacceptable, due to the additional burdens it places on citizens and the direct repercussions it has on the national economy.
They explained that banks receive dollars from the state at the official rate of 150,000 dinars per 100 dollars, while the gap between the two rates turns into profits that these entities make at the expense of the state and citizens.
The Central Bank Of Iraq Launches An Electronic System For Replacing Damaged Currency Via The Ur Platform
October 18, 2026Last updated: October 18, 2026 The Central Bank of Iraq announced on Sunday, October 18, 2026, the introduction of a new electronic system for replacing damaged banknotes, in a step aimed at simplifying administrative procedures and facilitating citizens’ access to the service, within the bank’s directions to expand the scope of digital transformation and develop banking services.
The Central Bank stated in an official statement that the new system allows citizens to submit requests to replace damaged currency electronically through the “Our” platform, by entering the required data and installing it in the system, provided that the competent authorities in the bank undertake to complete the necessary procedures to complete the replacement process in accordance with the approved instructions and controls.
He explained that the introduction of this mechanism comes within the framework of his efforts to develop services provided to the public and reduce paperwork, which contributes to saving time and effort and improving the efficiency of dealing with citizens’ requests related to damaged banknotes.
The new system represents a shift in the mechanism for submitting requests to replace damaged currency, as it provides an electronic channel for registering requests instead of relying solely on traditional procedures, while the replacement process continues to be subject to examination and verification by the competent authorities.
This step is gaining importance in the Iraqi market, which witnesses widespread circulation of banknotes in daily transactions, where some banknote denominations are damaged as a result of repeated use or poor storage, which may lead to difficulties in their circulation in some shops.
According to the instructions published on the official website of the Central Bank of Iraq, the replacement of damaged banknotes is subject to specific criteria related to the condition of the banknote and the extent to which it retains its original features, with a distinction between banknotes that remain valid for circulation and those that require replacement or examination.
Submitting the application electronically does not mean automatic approval to replace all banknotes, as the application acceptance process remains linked to meeting the conditions and standards set by the Central Bank, to ensure the integrity of the procedures and protect cash transactions.
If implemented efficiently, the system is expected to improve the organization of citizens' requests and reduce administrative burdens, as well as enhance the use of digital government services.
The Central Bank confirmed that citizens wishing to benefit from the service can submit their applications through the electronic system dedicated to replacing damaged currency at the following link:
He also urged people to review the instructions and standards for replacing banknotes published on his official website:
This step is part of efforts to develop the digital infrastructure for banking services in Iraq, and to simplify transactions related to the national currency, thereby
enhancing the efficiency of financial institutions and facilitating citizens’ access to official services. https://mustaqila.com/البنك-المركزي-العراقي-يطلق-نظاماً-إلك/
Central Bank: Damaged Currency Exempt From Exchange Fees, Provided There Was No Negligence
About the news
The Central Bank of Iraq explains the mechanism for replacing damaged currency via the electronic system.
The Central Bank indicates that damaged currency is exempt from replacement fees, provided there is no negligence.
Bank Media Director Haider Ghazi: Requests to replace damaged currency are received directly through banks, as any citizen can visit the bank to deposit the damaged cash amounts.
The bank's media director explained that "some banks do not accept damaged currency, which has caused problems for citizens, while the central bank deals directly with banks and financial institutions, and does not deal directly with citizens."
The Central Bank decided to open an electronic platform via the OR platform, which allows citizens to access it and enter all the required data.
The necessary procedures will be completed, after which an appointment will be scheduled for him to visit the relevant authority and hand over the damaged currency, regardless of the amount.
Regarding the mechanism for replacing damaged currency, there are instructions in this regard, as some cases of damage are due to negligence, lack of caution, and lack of attention to preserving the currency.
The bank's media manager continued: "In cases where the damage is not due to negligence, the currency is replaced free of charge. However, if the damage is due to lack of caution or negligence, the bank is not obligated to bear the full replacement costs, as a specific percentage is charged according to the approved instructions."https://channel8.com/arabic/news/90198
Documented: Parliamentary Investment Committee Calls For Not Requiring Customers To Pay Any Financial Differences Resulting From The Exchange Rate Adjustment
Translation below:
In the name of God, the Most Gracious, the Most Merciful
Republic of Iraq, Council of Representatives Investment and Development Committee
Kumari Iraq House of Representatives Astronomy (Nay Nosharaf)
Legend and found in the rahinan and gah sheh
72/ Number Date: 8/10/2026
To: The Honorable First Deputy Speaker of the Council of Representatives
Subject: Request
Our committee extends its warmest greetings.
A group of business owners and representatives of institutions contracted with the Central Bank of Iraq were hosted to discuss the repercussions of the rise and fluctuation of the foreign exchange rate, and the resulting financial burdens and direct impact on their companies' activities and the market in Iraq.
According to the business owners, the changes in the exchange rate have affected import costs, commercial transactions, and local pricing, leading to difficulties in conducting business and investment activities, in addition to impacting market activity and consumers.
Given the importance of the corporate and private sectors and their role in supporting the country's economic activity, and in the committee's keenness to accurately identify the causes of the problem
We kindly request that you consider the request submitted by the business owners and grant them fairness by not applying the Central Bank's decision retroactively from the date of initial approval of the transfer request, in order to obtain final approvals and avoid imposing any unjustified additional burdens on the business owners.
We respectfully request that you contact the Central Bank to take the necessary measures and inform the committee of the actions taken, so that we may follow up on the matter properly within the committee's oversight role.
With appreciation... Naheda Zaid Manhal Al-Daini Chairperson / Investment and Development Committee
Parliamentary Affairs Department Investment and Development Committee
Outgoing Copy to: Outgoing File / For your records Comm.invest@parliament.iq
Email: Inves.iq.com@gmail.com Mobile: 07713543715